My guess last night was the same as yours this morning, that after yesterday's huge jump, we'd probably see some pullback. Don't worry about it; the only guys who are never wrong are those that never play. And we weren't even exactly wrong: the overall market's flat, not up, although China stocks are having a good day.
In my opinion, that's due to the Chinese central bank easing Chinese banks' reserve requirements vs. their loans. While not that dramatic an action by itself, I think it's being given larger importance as symbolic of a general change in Chinese monetary policy from tightening to more aggressive growth.